perl -pe "s/(\<value\>|\G)(.+?)\|(.+?)\|(.*?)(?=\<\/value\>)/$1$2\<\/value\>\<name\>$3\<\/name\>\<value\>$4/g"

<name>test</name><value>431</value><name>alpha</name><value>123|bravo|542|charlie|412</value>